Finance Ministry defrauded of over $215M in 2010 and 2011

The Public Accounts Committee (PAC) yesterday heard that several persons, in 2010 and again in 2011, defrauded the Ministry of Finance of a total of $215.6 million.

Accountant General Jawahar Persaud and Financial Secretary Neermal Rekha, for the second time in two months, led the ministry’s team which sought to answer discrepancies relating to the ministry cited in the Auditor General’s 2010 report.

According to paragraph 90 of the report on the ministry, “during the period under review (2010), a fraud was uncovered at the Sub-Treasury Department, Region No 1, resulting in the loss of cash amounting to $9.393 M.”

The department was reportedly supplied with an impress which held in excess of $14 million for various expenses including payments that were to be made to contractors for various works. This system is utilised because there are no banks in Region 1 to facilitate payment via bank accounts.

Officers in the department were tasked with preparing cheques, distributing them to contractors, and facilitating the  …..To continue reading, login or subscribe now.

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